The U.S. Food and Drug Administration on Thursday approved a new drug developed by Bayer AG (BAYRY, BAYN.XE) to treat colon cancer that hasn't responded to treatment with currently available therapies. The drug, which will be sold with the brand name Stivarga, will be co-marketed in the U.S. by Onyx Pharmaceuticals Inc. (ONXX). The company will receive a 20% royalty on global net sales of the product, also known by its generic name regorafenib. Stivarga is a multi-kinase inhibitor that blocks several enzymes that promote cancer growth. It is meant to treat patients with colorectal cancer that has progressed after treatment with other drugs and spread to other parts of the body.